BTEB HSC Business Management & Technology (HSC BMT) flashcards

32 cards. Read the term and the definition here. The deck at the top of this page is optional.

Span of control

The number of subordinates who report directly to one manager; a wide span creates a flatter hierarchy, while a narrow span creates more management levels.

Unity of command

A management principle stating that each employee should receive orders from only one superior, which reduces conflicting instructions and clarifies accountability.

Delegation

The process of assigning authority to a subordinate to carry out a task while the delegator retains ultimate accountability for the results.

Maslow hierarchy

A motivation theory ordering needs as physiological, safety, social, esteem, and self-actualization; lower-level needs generally must be satisfied before higher-level needs motivate behaviour.

Accounting equation

Assets equal liabilities plus owner's equity; every transaction changes at least two elements while keeping this balance intact.

Double-entry bookkeeping

A system in which every transaction is recorded in at least two accounts, with total debits equalling total credits after each entry.

Trial balance

A list of ledger account balances at a specific date, used to check that total debit balances equal total credit balances before financial statements are prepared.

Straight-line depreciation

An equal amount of depreciation charged each year, calculated as cost minus residual value divided by the asset's useful life in years.

Break-even quantity

The sales volume at which total revenue equals total cost, calculated as fixed costs divided by unit selling price minus unit variable cost.

Compound interest

Interest calculated on principal plus previously earned interest, so the amount grows faster than under simple interest over multiple periods.

Standard deviation

A measure of dispersion equal to the square root of the average squared deviation of values from their mean; larger values indicate greater spread.

Median

The middle value of an ordered data set; for an even number of values it is the average of the two middle values.

Opportunity cost

The value of the next best alternative forgone when a choice is made, measured by the benefit that could have been received from that alternative.

Equilibrium price

The price at which quantity demanded equals quantity supplied; above it a surplus pushes price down, below it a shortage pushes price up.

Real GDP

Gross domestic product valued at constant prices from a base year, used to compare output across periods without the distorting effect of inflation.

Fiscal policy

Government use of taxation and public spending to influence aggregate demand, employment, and inflation in the economy.

Marketing mix

The set of controllable elements a firm combines to reach target customers, commonly product, price, place, and promotion.

Market segmentation

Dividing a broad market into smaller groups of buyers with similar needs or characteristics so that offers can be tailored to each group.

AIDA model

A sales communication sequence that guides prospects through attention, interest, desire, and action, ending with a purchase request.

Customer lifetime value

The expected total profit or revenue from a customer over the whole relationship, often estimated from average purchase value, frequency, and lifespan.

Business plan

A written document describing a venture's market, operations, organization, and financial forecasts, used to guide decisions and attract finance.

SWOT analysis

A planning tool that lists internal strengths and weaknesses alongside external opportunities and threats to support strategic decisions.

Minimum viable product

A basic version of a product released to early users to test key assumptions with minimal resources before full development.

Cash flow forecast

A period-by-period estimate of expected cash receipts and payments, used to identify shortages and surpluses; it differs from a profit forecast.

Active listening

A communication technique using attention, paraphrasing, questioning, and feedback to confirm understanding of the speaker's message.

Memorandum

An internal business message with To, From, Date, and Subject headings, usually without a salutation or complimentary close, used for routine information.

Communication barrier

Any factor such as noise, ambiguous language, cultural difference, or emotional state that interferes with accurate transmission or reception of a message.

Minutes of meeting

An official record of decisions, actions, and key points from a meeting, usually omitting verbatim dialogue and naming responsible persons.

RAM

Volatile working memory in a computer that temporarily holds data and program instructions for active processing; its contents are lost when power is removed.

Primary key

A database field or combination of fields that uniquely identifies each record in a table and cannot contain duplicate values.

Phishing

A fraudulent attempt to obtain passwords or financial data by impersonating a trusted entity in email, messages, or fake websites.

LAN

A local area network connecting computers and devices within a limited area such as an office or school, typically offering high speed and private ownership.